Life Insurance FAQ's

No. If you answered all questions truthfully on your application for life insurance, the coverage cannot be taken away if your health changes. 

Once the life insurance policy is approved by the insurer, and you have made your first premium payment to the insurer, the coverage is In Force. 

It can be cancelled if you contact the insurer and request cancellation, or if you stop paying your premiums and the coverage lapses.

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It really depends on the type of term life insurance policy you own.

Some term life plans stay level (the same premium) for the life of your insurance policy.

While others may increase after a certain number of years; for example, after you have been insured for 20 years.

Level term life insurance, which is the most popular type of term policy, provides coverage with premiums that stay the same for the duration of your policy term.

Learn more about whether or not term life insurance premiums can ...

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The grace period for a life insurance policy is the time after a missed insurance premium is due, where a life insurance policy will not lapse even though the payment is past due.  It means, you still have your life insurance coverage In Force.

The grace period of a life insurance policy is mandated by every state in the United States.

The Minimum Grace Period usually varies from 28-31 days depending on individual state laws, but some life insurance carriers may give longer grace periods.  

The...

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There are several types of term life insurance policies available.

However, not all term life plans offer rates that are guaranteed to remain locked-in for an extended period of time.

Level term insurance, which is the most popular type of term policy, has level premiums with rates that are guaranteed to remain the same for the entire duration of your policy term, up to 30 years.

Learn more about whether or not term life insurance rates are locked in.

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If you are shopping for a term life insurance policy, you may be wondering if you get any money back should you outlive the duration of your coverage.

It's a good question and something you should find out about before you buy a policy.

Traditional term life insurance is much cheaper than permanent life insurance, because many people do outlive their coverage.

However, if you are alive when your term policy expires, there is no payout of benefits and no premium return.

You don't get any money bac...

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It really depends on your situation.

First, how much money did you put down when you purchased your home?

If you are putting down less than 20% for a down payment on your home, then you may be required to purchase PMI insurance, to protect the lender.

However, if PMI is not required, then you may not need life insurance.

But, it is a good idea to have some life insurance to make sure your loved ones have the money needed to pay off the outstanding balance on your home mortgage loan in case you d...

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If you need term life insurance protection you may be wondering which type of term life is best.

There are a few different types of term life plans to choose from including Level Term, Decreasing Term, and Annually Renewable Term, among others.

These plans vary in pricing and coverage, but the most popular type of term policy by far is Level Term life insurance because it offers premiums that never increase during your policy term, and your coverage amount never decreases during your policy ter...

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A life insurance policy providing term coverage for a specific period of time does not payout a benefit at the end of the policy term.

Term life insurance only pays out a death benefit upon the death of the insured person, if it occurs during the term of the policy, while the life insurance coverage is paid up and In Force.

If you outlive the duration of your term life policy, your coverage expires, with no payout.

Learn more about if life insurance pays out at end of term?

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If so, you may want to learn about life insurance to cover your end of life final expenses.

No one wants to leave their loved ones with the financial stress of paying for their final expenses when they die.

Imagine your family members mourning your death and finding out they have to pay thousands of dollars to make sure you have a nice funeral and burial.

And, what if you passed away after a prolonged illness leaving medical bills and other debts for your family to pay?

That’s where end of lif...

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